So you own a vacation property near the beach and sometimes rent it out when you aren’t using it. There’s more to owning and maintaining that vacation spot than finding a good tenant and collecting rent.
Making money and keeping the vacation property in good condition requires adherence to critical guidelines.
We’ll explain how to keep your property in good condition and make more money so you can enjoy the property. Remember, if you grow tired of having to handle them all by yourself, consider bringing in a skilled property manager to take over.
Keep Your Tenants Happy
Profitable, low-stress vacation properties largely boil down to keeping your tenants happy. There are many ways to keep renters satisfied, but one of the most crucial is to respond quickly to their maintenance requests.
Once a request for maintenance comes in, your property manager should get back to the tenant on the same day. Ideally, if the request comes in during business hours, your team should respond within an hour.
Paying tenants who have good jobs can usually find another place to live if they start to feel you don’t take their requests for repairs seriously. By responding quickly to their concerns, you will build a better relationship with your renters and keep them happy.
It’s also smart to respond to maintenance requests quickly so the property is kept in pristine condition; after all, it’s your second home and you want it to be well-maintained when using it.
Inspect Properties Often
It’s recommended that property owners do a complete inspection of their vacation property annually. Some property owners inspect their properties every spring and fall.
If you do that, your properties will be ready for extreme weather, which is when many expensive repairs become necessary.
Write a checklist of every item you want to review during your inspections. If you aren’t sure what to look for, no worries. Hire a home inspector to check your properties.
It’s also worthwhile to take photographs of every part of the investment property during each inspection. Keeping a visual record of the property helps to keep your mind fresh about any repairs that are needed.
It’s also faster simply to take pictures of repair issues rather than having to write a paragraph of text about each of them.
Look for Water Damage Often
Water damage is one of the most expensive maintenance issues in any vacation property or investment property. Leaks often take a long time to develop and grow steadily worse. But if you catch them early on, the damage can be minimized.
At least once a year, perform a property inspection specifically for water leaks. Obviously, you might not find much if you do this in the middle of the dry summer season; instead, check the property after heavy rain or melted snowfall.
Check the roof, attic, ceilings, under the sinks, and around the toilets for signs of leaks. Detecting a water leak early also may prevent mold from taking hold.
If you discover signs of mold, you might have an extremely expensive problem that requires the relocation of the tenants at your expense.
Clean Out the Water Heater
Most of us don’t bother looking at the water heater until something goes wrong. But that’s a mistake. You should flush the heater in your vacation property at least once per year.
This will clear up any sediment that builds up from the city water supply. It will reduce the chance of damage to the water heater and the shortening of its life. Sediment buildup also lowers the efficiency of the unit and increases electricity costs.
Keep in mind that as the owner, you are ultimately responsible for the condition of your properties. The better the condition of your vacation property, the more likely you can keep it booked.
